Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended September 30, 2024	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	55,085	$	22,889	$	62,164	$	83,634	$	—	$	—	$	223,772
Silver sales	55,292		33,092		(12)		1,332		—		—		89,704
Metal sales	110,377		55,981		62,152		84,966		—		—		313,476
Costs and Expenses
Costs applicable to sales(1)	47,455		39,409		38,099		31,779		—		—		156,742
Amortization	11,984		10,231		7,612		2,419		794		176		33,216
Exploration	4,303		1,044		1,988		2,330		9,405		497		19,567
Other operating expenses	2,650		2,459		636		1,165		2,037		10,602		19,549
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		—		—
Interest expense, net	(30)		(1,113)		(245)		(128)		(1)		(11,763)		(13,280)
Other, net(3)	1,256		(140)		(80)		(37)		52		2,383		3,434
Income and mining tax (expense) benefit	(18,919)		(283)		—		(4,164)		—		(2,451)		(25,817)
Net Income (loss)	$	26,292	$	1,302	$	13,492	$	42,944	$	(12,185)	$	(23,106)	$	48,739
Segment assets(2)	$	320,271	$	1,180,633	$	208,858	$	107,526	$	212,607	$	53,374	$	2,083,269
Capital expenditures	$	8,048	$	10,121	$	19,996	$	2,773	$	1,035	$	7	$	41,980

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Three Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	38,994	$	8,719	$	46,474	$	45,316	$	—	$	—	$	139,503
Silver sales	38,294		14,929		56		1,801		—		—		55,080
Metal sales	77,288		23,648		46,530		47,117		—		—		194,583
Costs and Expenses
Costs applicable to sales(1)	48,059		30,532		38,286		31,026		—		—		147,903
Amortization	9,024		4,176		6,894		1,588		919		283		22,884
Exploration	2,160		303		2,856		—		6,703		415		12,437
Other operating expenses	2,611		2,188		900		1,049		3,163		8,301		18,212
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		774		774
Fair value adjustments, net	—		—		—		—		—		(2,010)		(2,010)
Interest expense, net	241		(555)		(583)		(120)		(13)		(6,372)		(7,402)
Other, net(3)	1,407		(48)		(85)		(36)		(120)		(640)		478
Income and mining tax (expense) benefit	(4,539)		220		—		(1,102)		—		(676)		(6,097)
Net Income (loss)	$	12,543	$	(13,934)	$	(3,074)	$	12,196	$	(10,918)	$	(17,923)	$	(21,110)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	10,780	$	84,368	$	15,831	$	681	$	619	$	(6)	$	112,273

1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Nine Months Ended September 30, 2024	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	151,398	$	52,938	$	156,753	$	168,537	$	—	$	—	$	529,626
Silver sales	138,603		75,636		(28)		4,725		—		—		218,936
Metal sales	290,001		128,574		156,725		173,262		—		—		748,562
Costs and Expenses
Costs applicable to sales(1)	149,976		103,063		118,109		76,308		—		—		447,456
Amortization	35,429		25,434		19,653		4,879		2,436		610		88,441
Exploration	9,366		2,452		4,824		3,579		21,130		1,581		42,932
Other operating expenses	7,350		11,035		9,391		3,410		7,146		33,680		72,012
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		417		417
Fair value adjustments, net	—		—		—		—		—		—		—
Interest expense, net	341		(3,508)		(1,215)		(405)		(11)		(34,591)		(39,389)
Other, net(3)	4,683		(256)		(243)		(124)		12		7,257		11,329
Income and mining tax (expense) benefit	(37,913)		623		—		(7,172)		—		(4,568)		(49,030)
Net Income (loss)	$	54,991	$	(16,551)	$	3,290	$	77,385	$	(30,711)	$	(67,356)	$	21,048
Segment assets(2)	$	320,271	$	1,180,633	$	208,858	$	107,526	$	212,607	$	53,374	$	2,083,269
Capital expenditures	$	20,680	$	58,894	$	49,731	$	4,237	$	1,894	$	32	$	135,468

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Nine Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	114,897	$	37,404	$	111,136	$	124,522	$	—	$	—	$	387,959
Silver sales	117,426		49,245		193		4,293		—		—		171,157
Metal sales	232,323		86,649		111,329		128,815		—		—		559,116
Costs and Expenses
Costs applicable to sales(1)	143,915		99,465		114,817		82,399		—		—		440,596
Amortization	25,760		13,043		17,539		4,802		3,161		882		65,187
Exploration	5,087		965		6,179		—		6,572		1,204		20,007
Other operating expenses	6,370		6,613		2,844		3,092		14,670		27,745		61,334
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		3,735		3,735
Fair value adjustments, net	—		—		—		—		—		4,629		4,629
Interest expense, net	541		(1,017)		(1,438)		(164)		(53)		(19,572)		(21,703)
Other, net(3)	4,291		(188)		(236)		(367)		(239)		(13,351)		(10,090)
Income and mining tax (expense) benefit	(20,461)		596		—		(3,822)		—		(2,984)		(26,671)
Net Income (loss)	$	35,562	$	(34,046)	$	(31,724)	$	34,169	$	(24,695)	$	(57,374)	$	(78,108)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	32,844	$	197,788	$	38,189	$	952	$	1,426	$	703	$	271,902

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Assets	September 30, 2024		December 31, 2023
Total assets for reportable segments	$	2,083,269	$	1,943,037
Cash and cash equivalents	76,916		61,633
Other assets	67,615		76,178
Total consolidated assets	$	2,227,800	$	2,080,848

Geographic Information

Long-Lived Assets	September 30, 2024		December 31, 2023
United States	$	1,260,793	$	1,201,988
Mexico	269,380		256,906
Canada	229,129		229,242
Other	152		152
Total	$	1,759,454	$	1,688,288

Revenue	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
United States	$	203,099	$	117,295	$	458,561	$	326,793
Mexico	110,377		77,288		290,001		232,323
Total	$	313,476	$	194,583	$	748,562	$	559,116